According to an analysis by Gayatri Dhumal of BitwiseInvest, the hash rate for Ethereum Classic (ETC) has increased by 83% since June.
Ethereum’s (ETH) hash rate has dropped 11% in preparation for the impending Merge upgrade. The continuing migration of Ethereum miners has been the greatest advantage to Ethereum Classic.
Ethereum creator Vitalik Buterin gave his stamp of approval to the contentious hard split in late July. The Canadian coder who worked on it called it an “excellent” option for miners. In the wake of Leon Lv, CEO of Antpool, announcing a $10 million investment in the ETC chain, the token’s value jumped significantly.
There are concurrently initiatives to introduce new hard forks for miners. Without the backing of large, decentralized apps and cryptocurrency exchanges, new proof-of-work tokens have little chance of being widely used.
The Ethereum co-founder recently claimed that “very much everyone” was on board with Ethereum’s switch to proof of stake.
After years of delays, Ethereum’s big software update is likely to happen around the middle of September. Most of the benefits of the update will go to the Ethereum Classic split.
In 2016, in response to the historic DAO attack, one of the most major hacking instances in crypto history, the Ethereum network split into two different chains. In order to keep the previously hacked chain alive, several members of the Ethereum community developed Ethereum Classic.
Many people started to worry about the safety of the Ethereum Classic chain when it was targeted by multiple 51% assaults in the span of a week in August 2020.